Polish Oil Refiner Orlen Tumbles as New CEO Fafara Fails to Convince Investors to His Vision [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Poland's largest energy company slumped the most in six months as investors sought clarity from the new management team about spending after first-quarter earnings missed estimates. State-controlled Orlen SA plummeted as much as 8.4% on Thursday, the steepest retreat since Nov. 29, which wiped out 6.7 billion zloty ($1.7 billion) in shareholder value. Orlen's first-quarter profit undershot analyst expectations by more than 14%. Article content Article content The refiner is now reviewing its current investments and plans to present a new strategy by the end of the year, according to Chief Executive Officer Ireneusz Fafara, who was appointed to the role last month. Fafara pledged to speed up spending on renewable energy, while at the same time signaled Orlen may cut other projects, especially in the petrochemical business. The management has al
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